People increasingly do their banking online. But does this mean that the physical location of banking institutions no longer matters to customers?
The Center’s study of the future of money and banking asked Americans with at least one bank account why they chose the banking institutions that they use, With multiple responses possible, 48% of people overall said that one of the reasons they chose their bank was closer physical location.
Respondents also said that they chose their banking institutions because of the online and mobile channels of contact available (45% overall). But that does not mean that physical location is irrelevant.
For every major demographic category, 42% or more of respondents said that they chose their banking institution, at least in part, because of its closer physical location.
Looking at responses by demographics, location was identified as a reason for choosing their banking by:
Forty-two percent of respondents age 18-24 and 25-34;
45% of African-Americans, compared to 47% of White respondents and 48% Hispanics/Latinos;
45% o those with some college education or less;
and 45% of those with household incomes of $75,000 or more.
Does the physical location of a banking institution still matter for many banking customers? Yes, it does.
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May 28, 2018